Square going for $4 billion valuation, reports say

Apr 18, 2012
Finance

iOS apps that effectively turns the device into a cash register and a virtual wallet app for the iPhone. Last year, Square reported it was processing $3 million in mobile payments every day. Last month, it reported it was responsible for $4 billion in annual transactions.

Despite the fact that Square is moving a whole lot of money, $4 billion is still a very high valuation. A good comparison is PayPal, which went public at a valuation of $800 million and was sold to eBay for $1.5 billion shortly thereafter. As AllThingsD reports, “At the time it went public, the company was roughly doubling year-over-year and had generated $103.7 million in 2001, its first full-year of operations — or slightly less than Square’s estimated revenues.”

Still, Square is doing extremely well, even if it does have some tough competition to face in Google and its Wallet service and others, such as PayPal. Hopefully before long, we’ll know if it’s doing well enough to warrant a $4 billion valuation, and we’ll to see what it’ll do with the funding it receives.

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Phil Hornshaw

Phil Hornshaw is a freelance writer, editor and author living in Los Angeles, dividing his time between playing video games, playing video games on his cell phone, and writing about playing video games. He’s also the co-author of So You Created a Wormhole: The Time Traveler’s Guide to Time Travel, which attempts to mix time travel pop culture with some semblance of science, as well as tips on the appropriate means of riding dinosaurs. Check out his profile.

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